6.4 miles away from Planet Fitness. Planet Fitness Franchise (Costs + Fees + FDD) | Franchise Direct With this purchase, which was for an undisclosed amount, United PF's club count has . Franchise fee: one-time $10,000 for a 10-year renewable agreement. Ongoing Royalty Fee: $449 - $549/mo. Due Date: Expended according to Planet Fitness Methods of Operations as per your advertising budget. Planet Fitness Gym - Franchise Solutions 2- Based on a midpoint investment of $3,273,300 with estimated profits of $154,587 at a 10% profit margin, it would take about 21 years to recoup your investment. Pre-qualified offers are not binding. Bringing Franchise Owners Together to Share and Grow. This is significantly lower than the midpoint investment of $3,273,500. FranchiseComplaints.org We reviewed the larger franchise industry as well as selling price multiples for larger systems where more transaction data is available. 1 comment. Prior to that he served as the Chief Operating Officer since 2003. * The data above, compiled from the Planet Fitness FDD (Franchise Disclosure Document) 2020, represent the estimated financial range for the initial setting up and first 6 months of operation for a new Planet Fitness gym. For example, this includes replacing your cardio equipment every 5 years and replacing your non-cardio equipment every 7 years. The most popular workout model from Snap Fitness is known as MYFIT. The 2019 Planet Fitness Franchise Awards were given to the following: Hall of Fame: Jeff & James Innocenti - PF Supreme Franchisee of the Year: Mike Turner & CJ Bouchard - Excel Fitness Operator of the Year: Steve Kindler, Jr. - National Fitness Partners Developer of the Year: Tim Kelleher - Taymax Group The initial Planet Fitness Franchise Fee is $20,000. has over 1,100 studios in 49 U.S. states and 22 countries internationally (they started in 2010, for some context about just how quickly theyre growing). [29], In 2020, the company received criticism for charging its customers for March dues "despite closing its facilities nationwide due to the novel coronavirus pandemic. [48], Since December 2014, Planet Fitness has been the official fitness sponsor of Dick Clark's New Year's Rockin' Eve on ABC. An innovative entrepreneur, Mr. Rondeau was honored as an EY Entrepreneur of the Year and inducted into the UNH Alumni Entrepreneur Hall of Fame. You must maintain your equipment according to Planet Fitness brand standards. The franchise also requires that candidates have at least $100,000 in combined liquid assets and a total net worth of at least $250,000. Planet Fitness (PFIP LLC) is an American franchisor and operator of fitness centers based in Hampton, New Hampshire. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. That said, Orangetheory is designed for people of all fitness levels, since participants can go entirely at their own pace. In addition, he served as an online media manager for the University of Nevada, Reno. Estimated total initial investment: $2,405 to $3,200. Planet Fitness, Inc. to Acquire 114 Locations From One of Its Top Investing in an Orange Theory franchise is an interesting opportunity, especially for individuals looking to make their way into the Fitness industry. In this role, he will lead the Companys technology evolution and strategy, focused on delivering technology solutions that will continue to enhance the member experience while optimizing infrastructure, data and operations for flexibility and scale. In this role, she is responsible for driving our digital vision and strategy, including leading the continuous enhancement of our mobile app, with a focus on consumer engagement, loyalty and a differentiated omni-channel experience to accelerate Planet Fitness growth and success. This could be an indicator that franchisees are doing really well. Reaching out to multi-unit franchise owners and regional developers gives you the ability to get your products and services into many locations with just one sale . 2% of the total gross monthly EFT Dues Draft. Follow along as PF Trainer Teddy teaches you the basics of fitness, right in the comfort of your own home. The more franchises you own, the more earning potential you have as private equity firms become interested in your business instead of individual owner-operators. Then, the last four workouts in the program will take place in the gym and you'll learn how . "I decided I didn't want to deal with that crowd, so that's when I opened the original Planet Fitness club in Sunrise, Florida, in 1993." Now, We Own 22 Locations", "What your new gym doesn't want you to know", "Planet Fitness vs. the lunkheads: Why is a health club trying to alienate people who love to work out? Ms. Kaplan holds a B.S. As a franchise owner, youll benefit from a proven business model, brand recognition, existing customer base, vendor network, and robust franchisee support system. Ms. Medeiros has been instrumental in developing and refining Planet Fitness marketing strategy and differentiated Judgement Free positioning in the fitness industry. Initial franchise terms are 10 years. You must pay a supplemental fee of $5,000, per location remaining to be developed, plus our reasonable out-of-pocket expenses, including external legal and administrative costs we incur in connection with the transfer. In this role, she oversees general HR operations, talent acquisition, leadership development, business partner support, culture and employee engagement, benefits and compensation. Planet Fitness estimates the costs to upgrade and/or remodel your facility will range from $70,000 to $600,000 every 5 years. In 1992, Planet Fitness founders, Michael and Marc Grondahl acquired a struggling Gold's Gym franchise in Dover, New Hampshire. Additionally, he held several leadership positions at Liz Claiborne, was Chief Financial Officer at Burlington Coat Factory, and served as Chief Operating Officer of Bath & Body Works. Former Gov. The number of fitness franchise locations has been steadily increasing to a total of about 2,039. . Participants are given heart-rate monitors, and their results are displayed on screens throughout the room over the course of this hour-long, interval-based, coach-led workout. Your experience may vary depending on whether you finance tenant improvements, your location, and other factors. They also take a fun, irreverent, quirky, and motivating approach to marketing (ever see. Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing gym franchises in the United States. West Hampton, NH 03842, USA, Interested? Planet Fitness franchise costs, based on Item 7 of the company's 2022 FDD: Initial Franchise Fee: $20,000 Site Selection Costs: $0 to $10,000 Construction Development Plan Review Fee: $0 to $4,000 Leasehold Improvements: $1,250,000 to $2,163,000 Fitness Equipment: $34,000 to $953,000 Non-Fitness Equipment: $63,000 to $825,000 Fitness centers have experienced sustained growth since the post-economic crisis in 2009. Planet Fitness has the franchise fee of up to $20,000, with total initial investment from $969,600. If you are thinking about how to open a Planet Fitness franchise, begin with a franchise investment information. That said, franchisees are responsible for additional costs, including a monthly continuing franchise fee (CFF) of either 20% of gross revenue or at least $250 per month. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. According to their website, Pure Barre is the oldest and most established barre studio out there. PDF Together We Are Franchising - In Canadian currency, the investment comes around Can$ 1,231,300 to Can$ 5,387,800. [32][33], Planet Fitness started franchising units in 2003. Orange Theory uses your heart rate to show your exertion potential compared to the maximal effort and compares you to your peers in classes. ), and that attitude trickles down into their culturethey genuinely want people to have fun while they work out. The policy states that "members and guests may use all gym facilities based on their sincere self-reported gender identity. [28] It ranked in the top 50 of Entrepreneur magazine's Franchise 500 in 2017. From the start, Planet Fitnesswas an inclusive, non-intimidating gym and in 1997, Planet Fitness officially unveiled its Judgement Free Zone philosophy. Top Fitness Franchises to Check Out - Franchise How The board of directors at Planet Fitness is as follows: Stephen Spinelli, Jr. (Ph.D.), Chairman Chris Rondeau (CEO) Bernard Acoca Enshalla Anderson Craig Benson Cammie Dunaway Frances Gregg Rathke Christopher Tanco So any aspiring entrepreneur with a passion for fitness may be eligible for gym franchise ownership, whether theyre a trained fitness pro or not. The private equity owners of United PF Partners, the largest Planet Fitness franchisee conglomerate, have sold the group to American Securities, another New York-based private equity firm, for an undisclosed sum, the companies announced in a Jan. 6 media release. [16] Planet Fitness became known as the "Judgement Free Zone", aimed more at the average user than the bodybuilder type of fitness enthusiast. has 1,800+ open locations across all 50 states, along with Canada, Latin America, and Australia. Many or all of the products featured here are from our partners who compensate us. Christine Aebischer is an assistant assigning editor on the small-business team at NerdWallet who has covered business and personal finance for nearly a decade. We got you! Estimated total initial investment: $58,870 to $521,437. Benson, who co-founded the former Cabletron Systems, once the . Net Worth Requirement: $3,000,000 That way, participants can both track their own progress, and see how it stacks up to other people in the classso if you thrive on competition, this is the gym franchise for you. Since their start in 2002, Anytime Fitness has opened over 4,000 locations on all seven continents. Even more reason to consider investing in a gym franchise? The graph below and the table that accompanies it depicts the total return to shareholders between 2015 and 2021 on Planet Fitness class A common stock relative to the performance of the S&P 500 Index and the Russell 2000. With that in mind, Planet Fitness franchisees will need to pay for that international brand recognitionopening a Planet Fitness franchise may cost over $4 million. Before joining NerdWallet, he served as senior editorial manager of QuinStreet's insurance sites and managing editor of Insure.com. Prior to Sonus, he worked for more than 10 years in public accounting with both Deloitte and Touche and Arthur Andersen. Over the last three years, franchises have opened at a rate of 148 units a year. At Jiffy Lube, he oversaw the strategic direction of the company, and managed franchise relationships to create a shared vision for the brand, drive network growth, and maintain Jiffy Lubes leading market share. - In Indian currency, the investment comes around Rs 7,14 crores to Rs 31,23 crores. NerdWallet strives to keep its information accurate and up to date. The Initial Franchise Fee is uniform and non-refundable. The Grondahls had acquired a struggling Golds Gym franchise and closed it in 1993. All financial products, shopping products and services are presented without warranty. One of the best ways to thoroughly research a franchise or business opportunity investment before purchasing one is to get feedback from current and former franchisees involved in the franchise system. Previously, he was the Chief Technology Officer at Airline Report Corporation, where he modernized the technology needed to process billions of dollars in payments annually. Thats why we put together this complete mailing/telemarketing list containing contact the names, phone numbers and physical addresses of business owners in the franchise system and certain former franchise operators. Planet Fitness offers people the opportunity to be a part of the fitness business, but we do not believe this is sustainable. Planet Fitness Fitness clubs 2023 Franchise 500 Rank #28 Ranked #7 last year See the Full List Initial investment $1.6M - $4.9M Units as of 2022 2,324 25.0% over 3 years Jump to Franchising. Prospective owners are asked to have a minimum net worth of $3 million and a minimum of $1,500,000 in liquid capital. Kick off your search with this list of nine of the most promising gym franchises to buy. He also currently serves on the Board of Directors of the NH/VT/ME Region of the American Red Cross and the Business & Industry Association of New Hampshire. Assistant Assigning Editor | Small-business finance, personal finance. 1,600+ locations open and we're just getting started! The estimated total investment necessary to begin the operation of an Orange Theory Franchise ranges from $657,542 to $2,105,322. Edward Hymes joined Planet Fitness in January 2023 as President and Chief Operating Officer. Anytime Fitness also prides themselves on engendering a supportive environment for members and they prioritize employee wellness. Planet Fitness franchise is growing, and it is growing fast. Earlier in her career, Ms. Kaplan held several digital and marketing leadership roles at global brands including American Express and Citi, Inc. She serves as an independent member of the Fiesta Restaurant Group Board of Directors, as well as the Massachusetts Innovation & Technology Exchange (MITX). Plus, the outlook for gym franchises is bright: According to a report by IBISWorld, the health and wellness boom over the past few years has led to a sizable increase in gym membership levels, which continues to grow. Across 50 states the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia By becoming a franchise owner, you can benefit from a proven business model, existing customer base, and franchisee support system. We provide estimated franchise costs for some countries: This information may be different than what you see when you visit a financial institution, service provider or specific products site. Even though the history of barre dates back to 1959, when the discipline was created by former ballerina Lotte Berk, the ballet/Pilates/yoga hybrid saw a huge boom in the 2010s. Your actual costs may be higher or lower depending on the size of your Planet Fitness business, the volume, and usage of your members, or changes in the market. Although gym franchises require that the owner has previous management experience, most dont require experience in the fitness industry. Orange Theorys success is quite similar to Pelotons rise to fame. We offer the most complete and most accurate mailing/telemarketing list for Planet Fitness franchise owners. From there, youll receive additional materials to help inform your decision, including the all-important franchise agreement, including the franchise disclosure document (FDD). Previously, she was an editor at Fundera, where she developed service-driven content on topics such as business lending, software and insurance.

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